Howdy,
I’ve learnt heaps from this thread – thanks guys, and in answer to Brenon I hear there’s a good book called ‘Trust Magic’ that explains it well.
BongoX2 sounds like you keep your accountant busy! I set up a trust with $2 shelf company in May and it’s cost me about $2,000, so given the many monies I hope to roll through it and the protection and tax advantages it offers I thought it was a great investment.
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MelHi All,
Terryw put this post in another post. I thought of puting this here because of same interest.
Cheers
AmitHi
In a recent topic here there was some questions raised on changing trustees and whether this would trigger a CGT event. It seems the ATO may consider a new trust to have been created if fundamental changes have been made to a trust deed. If this happens then CGT and stamp duty may be payable.
I have found an interesting article on the resettlement of trusts, at http://www.taxlawyers.com.au/Publications/New/resettlement_of_trusts.htm which states:
“Can I appoint a new Trustee for my Family Trust?
Changes made to the Trustee do not by themselves result in the ATO deeming a new Trust has been created. However if, in addition to a change in the Trustee, other fundamental changes to the Trust have been made that alter the nature and character of the Trust relationship between the Trustee and the beneficiaries then the ATO will deem that a new Trust has been created.”I thought this article may be of interest. There are also other good articles on trusts and other topics on this site.
Terryw
[email protected]Hi All,
one very simple question can we add beneficiaries after we created the discretionary Trust ? ( lets say after 6 month )Cheers
AmitMany years ago as a pimply faced student I was told by a man who in now a High Court Judge that “the law of trusts was developed in the english legal system so that roman catholic clergy could maintain their vows of poverty.”
As an older wiser person I learnt that to be peniless gives you enormous power because you don’t give a damn if you get sued.
Be peniless! Go for the trust any day. It gives you power to do what the hell you want. Make sure that when the acounts for the fine wine and good food are rendered that they are adressed to your trustee!
one very simple question can we add beneficiaries after we created the discretionary Trust ? ( lets say after 6 month )Hi Amit,
I believe adding beneficiaries should be covered in the trust deed.
Rod.
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